长期吃老本，研发无实力，特别爱撒币！西藏药业：上市25年，总代理上位大股东，大玩抽血式分成

Group 1 - The core viewpoint of the report highlights the growth and challenges faced by the company, Tibet Pharmaceutical (600211.SH), which has achieved a revenue CAGR of 25% from 2018 to 2023, with revenue reaching 3.13 billion in 2023 [2][11][22] - The company's main product, "Xinhua Su," is a recombinant human brain natriuretic peptide injection, filling a gap in the domestic market for acute heart failure treatment [12][18] - The report indicates that the company has been heavily reliant on its major product, with "Xinhua Su" accounting for 90% of its revenue, generating 2.82 billion in 2023 [13][29] Group 2 - The company has faced significant challenges in its operational history, particularly in its partnership with Kangzhe Pharmaceutical, which has become a controlling shareholder, raising concerns about the company's governance and decision-making [21][27][73] - The report notes that the company has not demonstrated strong research and development capabilities, with total R&D investment of only 290 million from 2018 to 2023, resulting in a consistently low R&D expense ratio of less than 1% [66][84] - The financial performance shows fluctuations in net profit margins and return on equity (ROE), with a notable drop in 2021 due to significant impairments, but a recovery in 2023 with a net profit margin of 25.6% [78][82][84] Group 3 - The report discusses the impact of national medical insurance negotiations on the pricing and market share of "Xinhua Su," which has been included in the insurance catalog since 2017, leading to a price reduction of 40% initially and further reductions in subsequent years [30][57][74] - The company has also faced challenges with other products, such as "Yimuduo" and "Nodikon," which have not gained significant market traction, with revenues of 130 million and 97 million respectively in 2023 [65][66] - The report highlights the company's reliance on external partnerships for product promotion, with high promotional costs impacting profitability, as seen in the promotional expense rates for "Xinhua Su" [31][58][59]